Exercise 6-4

Your answer is incorrect.Try again.Sandhill Co. sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Sandhill Co.s purchases of EZslide snowboards during September. During the same month,107EZslide snowboards were sold. Sandhill Co. uses a periodic inventory system.

Date

Explanation

Units

Unit Cost

Total Cost

Sept. 1Inventory11

$105

$1,155

Sept. 12Purchases44

108

4,752

Sept. 19Purchases54

109

5,886

Sept. 26Purchases20

110

2,200

Totals129

$13,993

(a) Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods.(Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to 0 decimal places, e.g. 125.)

FIFO

LIFO

AVERAGE-COST

The ending inventory at September 30$

$

$

(b) Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods.(Round average cost per unit to 3 decimal places, e.g. 125.153 and final answers to 0 decimal places, e.g. 125.)

FIFO

LIFO

AVERAGE-COST

Cost of goods sold$

$

$